Expansible Polystyrene Market

Driven by rising demand, the expansible polystyrene market is expected to see growth in both volume and value over the next eight years. China, the United States, and India are the largest consumers of expansible polystyrene, with varying rates of consumption. Production and import/export trends also indicate fluctuations in global market dynamics. Overall, the market is projected to expand in the coming years, with significant growth in import/export prices among major exporting countries.

Market Forecast

Driven by rising demand for expansible polystyrene worldwide, the market is expected to start an upward consumption trend over the next eight years. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +0.8% for the period from 2022 to 2030, which is projected to bring the market volume to 14M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.1% for the period from 2022 to 2030, which is projected to bring the market value to $27.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Expansible Polystyrene In Primary Forms

In 2022, the amount of expansible polystyrene in primary forms consumed worldwide reduced slightly to 13M tons, waning by -2.6% compared with the previous year's figure. Over the period under review, consumption showed a mild slump. The pace of growth appeared the most rapid in 2017 when the consumption volume increased by 4.1% against the previous year. Global consumption peaked at 16M tons in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

The global expansible polystyrene market revenue fell to $21.5B in 2022, approximately equating the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption saw a noticeable decrease. Global consumption peaked at $28.7B in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Consumption By Country

China (3.4M tons) remains the largest expansible polystyrene consuming country worldwide, comprising approx. 26% of total volume. Moreover, expansible polystyrene consumption in China exceeded the figures recorded by the second-largest consumer, the United States (1.3M tons), threefold. India (1.3M tons) ranked third in terms of total consumption with a 9.4% share.

In China, expansible polystyrene consumption plunged by an average annual rate of -2.9% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United States (+2.2% per year) and India (-0.3% per year).

In value terms, China ($4B), the United States ($2.3B) and India ($1.8B) appeared to be the countries with the highest levels of market value in 2022, together accounting for 38% of the global market. Germany, Indonesia, Pakistan, Russia, Japan, Poland, Brazil, Mexico, Thailand and Turkey lagged somewhat behind, together accounting for a further 33%.

Poland, with a CAGR of +5.3%, recorded the highest growth rate of market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of expansible polystyrene per capita consumption in 2022 were Poland (8.4 kg per person), Japan (5.4 kg per person) and Germany (4.2 kg per person).

From 2012 to 2022, the biggest increases were recorded for Poland (with a CAGR of +3.7%), while consumption for the other global leaders experienced mixed trends in the per capita consumption figures.

Production

World Production of Expansible Polystyrene In Primary Forms

In 2022, the amount of expansible polystyrene in primary forms produced worldwide reduced slightly to 13M tons, remaining relatively unchanged against the year before. Overall, production recorded a mild shrinkage. The pace of growth was the most pronounced in 2017 with an increase of 5.5%. Global production peaked at 15M tons in 2012; however, from 2013 to 2022, production remained at a lower figure.

In value terms, expansible polystyrene production amounted to $19.1B in 2022 estimated in export price. In general, production recorded a pronounced shrinkage. The pace of growth was the most pronounced in 2017 when the production volume increased by 13%. Over the period under review, global production hit record highs at $27B in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Production By Country

China (3.7M tons) remains the largest expansible polystyrene producing country worldwide, accounting for 29% of total volume. Moreover, expansible polystyrene production in China exceeded the figures recorded by the second-largest producer, India (1.3M tons), threefold. The third position in this ranking was taken by the United States (1.1M tons), with an 8.9% share.

In China, expansible polystyrene production contracted by an average annual rate of -2.7% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: India (-0.3% per year) and the United States (+2.1% per year).

Imports

World Imports of Expansible Polystyrene In Primary Forms

In 2022, approx. 2.6M tons of expansible polystyrene in primary forms were imported worldwide; declining by -5.2% compared with the year before. The total import volume increased at an average annual rate of +1.1% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The pace of growth was the most pronounced in 2018 when imports increased by 11% against the previous year. Over the period under review, global imports reached the maximum at 2.7M tons in 2021, and then contracted in the following year.

In value terms, expansible polystyrene imports expanded significantly to $6.2B in 2022. Overall, total imports indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +95.9% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 77%. Over the period under review, global imports attained the peak figure in 2022 and are likely to see gradual growth in the near future.

Imports By Country

Poland (257K tons), the United States (233K tons), Italy (171K tons), Germany (162K tons) and France (126K tons) represented roughly 37% of total imports in 2022. Romania (68K tons), the UK (65K tons), Mexico (63K tons), Vietnam (60K tons), Sweden (55K tons), the Netherlands (54K tons), Spain (54K tons) and Austria (49K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Spain (with a CAGR of +6.1%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest expansible polystyrene importing markets worldwide were Poland ($646M), the United States ($581M) and Italy ($436M), together accounting for 27% of global imports. Germany, France, the UK, Mexico, Romania, Vietnam, the Netherlands, Sweden, Spain and Austria lagged somewhat behind, together comprising a further 31%.

Among the main importing countries, Spain, with a CAGR of +9.2%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average expansible polystyrene import price stood at $2,373 per ton in 2022, jumping by 17% against the previous year. Over the period under review, import price indicated a moderate expansion from 2012 to 2022: its price increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, expansible polystyrene import price increased by +88.1% against 2020 indices. The pace of growth appeared the most rapid in 2021 an increase of 61%. Global import price peaked in 2022 and is expected to retain growth in years to come.

Average prices varied noticeably amongst the major importing countries. In 2022, major importing countries recorded the following prices: in the UK ($2,707 per ton) and the Netherlands ($2,668 per ton), while Romania ($2,242 per ton) and Spain ($2,340 per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+3.5%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Expansible Polystyrene In Primary Forms

In 2022, overseas shipments of expansible polystyrene in primary forms increased by 8.1% to 2M tons, rising for the second consecutive year after three years of decline. The total export volume increased at an average annual rate of +1.2% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 when exports increased by 15%. The global exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, expansible polystyrene exports surged to $4.2B in 2022. Overall, total exports indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +110.8% against 2020 indices. The growth pace was the most rapid in 2021 when exports increased by 77% against the previous year. The global exports peaked in 2022 and are expected to retain growth in the near future.

Exports By Country

The biggest shipments were from Taiwan (Chinese) (290K tons), China (275K tons) and the Netherlands (249K tons), together recording 40% of total export. Turkey (147K tons) held the next position in the ranking, followed by Belgium (137K tons), Mexico (108K tons) and Finland (106K tons). All these countries together took near 25% share of total exports. The United States (89K tons), France (83K tons), Canada (71K tons), Greece (56K tons), South Korea (48K tons) and Russia (46K tons) held a relatively small share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Turkey (with a CAGR of +16.8%), while the other global leaders experienced more modest paces of growth.

In value terms, the Netherlands ($613M), Taiwan (Chinese) ($443M) and China ($432M) constituted the countries with the highest levels of exports in 2022, together accounting for 35% of global exports. Turkey, Belgium, Mexico, the United States, France, Finland, Canada, Greece, South Korea and Russia lagged somewhat behind, together comprising a further 47%.

In terms of the main exporting countries, Turkey, with a CAGR of +20.2%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average expansible polystyrene export price amounted to $2,102 per ton, with an increase of 10% against the previous year. Overall, export price indicated slight growth from 2012 to 2022: its price increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, expansible polystyrene export price increased by +69.3% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the average export price increased by 54% against the previous year. The global export price peaked in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Canada ($2,579 per ton), while Russia ($1,489 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+3.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform